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PLC - Weak asphalt demand, lubricant margin squeeze hurt Q4 results - Earnings Flash

2016 revenue and NPAT fell 30.6% and 37.5% YoY, respectively. This is in line with our expectation as we already anticipated weak Q4 earnings on soft asphalt demand as well as a lubricant margin squeeze as a cheap input cost effect petered out. Having said that, we do not foresee any significant changes to our current target price and rating in our next Update Report